250 – Short Title.
§ 250. Short title. This article shall be known and may be cited as the “Community Development Corporations Act”.
251 – Policy and Purposes of Article.
§ 251. Policy and purposes of article. It is the policy of the state to promote the reconstruction and redevelopment of municipal urban renewal areas in a manner that will serve the civic, cultural and recreational needs of the community as a whole. There is need for local non-profit corporations to construct, with mortgage loan […]
252 – Definitions.
§ 252. Definitions. As used in this article, unless a different meaning clearly appears from the context: 1. “Agency”, “area” and “plan” shall mean agency, urban renewal area and urban renewal plan, respectively, as defined in article fifteen of the general municipal law. 2. “Municipality” shall mean the city, town or village in which a […]
253 – Incorporation and Organization.
§ 253. Incorporation and organization. Community development corporations shall be incorporated and organized in the manner provided in the not-for-profit corporation law for not-for-profit corporations, except that the certificate of incorporation shall be approved by the commissioner instead of such approval or approvals as may be required by the not-for-profit corporation law. In addition to […]
254 – Powers and Limitations.
§ 254. Powers and limitations. 1. Except as is inconsistent with the provisions of this article, a community development corporation shall have, in carrying out the purposes of this article, the powers conferred on corporations by the general corporation law and the business corporation law, and shall be subject to the limitations contained therein. 2. […]
255 – Members, Officers and Directors.
§ 255. Members, officers and directors. 1. No member or director of a community development corporation shall receive any salary or other compensation for services, other than reimbursement of actual and necessary expenses incurred in the performance of his duties. No member, officer or employee of a community development corporation shall acquire any interest, direct […]
256 – Mortgage Loans.
§ 256. Mortgage loans. The New York state housing finance agency may enter into contracts for loans to community development corporations for one or more projects. No loan shall be made in an amount greater than ninety-five per centum of the project cost, plus working capital in an amount not to exceed two per centum […]
257 – Conditions and Security for Loans.
§ 257. Conditions and security for loans. 1. No loan shall be made to a community development corporation for a project unless (a) the planning commission, if any, of the municipality has approved the project; (b) the local legislative body of the municipality, after a public hearing, has approved the project and has enacted or […]
258 – Transfer of Real Property.
§ 258. Transfer of real property. 1. Notwithstanding any requirement of law to the contrary or any provision of any general, special or local law, charter or ordinance, every executor, administrator, trustee, guardian or other person holding trust funds or acting in a fiduciary capacity, unless the instrument under which such fiduciary is acting expressly […]
259 – Supervision and Regulation.
§ 259. Supervision and regulation. The commissioner may from time to time make, amend and repeal rules and regulations for the supervision, examination, regulation and audit of community development corporations and for carrying into effect the provisions and purposes of this article.
260 – Tax Exemption.
§ 260. Tax exemption. The property of a community development corporation and its income and operations shall be exempt from taxation.
261 – Separability.
§ 261. Separability. If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part thereof directly involved […]